The Plan
Children are the
purpose of our lives. We would go to any lengths to take care of their
requirements even at the cost of our own. Their requirements are spread over
a long period of time and therefore need to be planned much in advance. Life
insurance is an ideal instrument through which this can be achieved. A
flexible plan like this makes it even more attractive for the parents since
the required finances would be available to them whenever required for their
varied needs like education, marriage or for any other purpose.
The unit linked plan enhances the value of the savings over a period of time
and offers choices to the customers to choose the investment plan according
to their risk profile and investment horizon at various points during the
life of the policy.
The financial markets in the country today are at a very exciting stage with
the Indian Economy poised to grow rapidly in the next several years. We at
Sahara India Life Insurance Company felt that our policyholders must be part
of this excitement and derive direct benefit from the great potential
provided by these markets.
Plan Details
| Minimum Issue Age |
0 Years |
| Maximum Issue Age |
13 Years (Nearer birthday) |
| Premium Paying Term |
21 less age at entry i.e. premium is payable up to age
21 |
| Minimum Maturity Age |
25 Years |
| Maximum Maturity Age |
40 Years |
| Minimum Policy Term |
12 Years |
| Maximum Policy Term |
30 Years |
| Maximum Sum Assured |
Rs. 15 lacs in case life assured is 10 years or
below
Rs. 24.75 lacs in case life assured is 11 years or above |
| |
Single Premium |
Regular Premium |
| Minimum Premium |
Rs. 30,000/- |
Rs. 8,000/- yearly, Rs. 4000/- half yearly
& Rs. 750/- monthly (Group billing only) |
| Sum Assured |
5 times of Single
Premium Paid |
Policy Term*Annualized Premium, subject
to the condition that the multiplier for policy
terms above 20 years will be 20 only. |
Modes available for premium payment
Single Premium, Yearly, Half-Yearly and Monthly (Group billing only).
Short premium shall not be accepted. If the premium is received in advance
the same shall be kept in deposit & adjusted on due date only.
Grace period for non-forfeiture provisions
Grace period of 30 days irrespective of any calendar month will be allowed
for payment of yearly and half yearly premiums and 15 days in monthly mode
of premiums. In case premium installment is not paid within the grace period
and death occurs within this period, the policy will be still valid and the
sum assured less partial withdrawals within two years preceding the date of
death, if the risk under the policy has commenced, or fund value whichever
is higher subject to recovery of mortality charge shall be paid to the
claimant. If the risk under the policy has not commenced, the fund value
shall be payable.
What happens if the payment of premiums is discontinued?
- If premiums for three years have not been paid and the installment
premium is not paid within the grace period, the policy shall lapse. A
lapsed policy can be revived during two years on payment of all arrears
of premium and submission of proof of continued insurability to the
satisfaction of the Company. However the Company reserves the right to
accept or decline the revival of a lapsed policy. The revival of a
lapsed policy shall take effect only after its approval is specifically
communicated to the policyholder.
- If premiums have already been paid for three years the risk under the
policy continues for two years (revival period) subject to the condition
that when the fund value reaches an amount equivalent to one full year’s
premium, the contract shall be terminated by paying the surrender value.
If policy is not revived within two years, the policyholder can not
revive the policy subsequently and will be offered surrender value as
applicable but can opt for continuance of risk which will be allowed
till the balance in the fund reaches an amount equivalent to one full
year’s premium when the contract shall be terminated by paying the
surrender value.
What is the revival period and death benefit available during that period?
The revival period is two years from the date of first unpaid
premium and death benefit during the period payable is as under :
-
If at least 3 years premiums have been paid-
Maximum of sum assured reduced by partial withdrawals within two years
immediately preceding the death of the life assured or the fund value on
the date of receipt of intimation of death in writing in the office of
Sahara India Life Insurance Co. Ltd;
- If premium for less than 3 years have been paid-
Is loan available?
- Loan is not allowed under the plan.
Fund Options
The fund options available under this plan and the asset allocation limits
under each fund are as follows :
| Fund Investment option |
Shares (equity) |
Debt |
Cash |
| Secured Fund |
Nil |
Min 80% |
Max 20% |
| Balanced Fund |
Max 40% |
Min 40% |
Max 20% |
| Growth Fund |
Min 80% |
Max 20% |
Max 20% |
Options could be exercised as under :
| Single Premium |
Any one fund at inception |
| Regular Premium |
Initial Premium - Choice of any one fund
Subsequent Premiums - Units will be allocated to
the existing fund at that time |
Switching Option-The policy holder has the option of switching
his investments after one year from the date of commencement of policy from
one fund to another of his choice at any time during the life of the policy.
Two free switches are allowed every policy year. Additional switches are
allowed but will be charged at the rate of Rs 100/- per switch.
Method of Calculation of Net Asset Value:
TThe Unit Price (UP) of a fund will be set by dividing the Value of the
assets in the fund at the valuation time (at the end of the day) by the
number of units. For new business, units will be allocated depending on the
price of the units using the closing NAV on the day of cheque realization or
policy issue whichever is later. For subsequent payments of premium if cash
/ local cheque / DD are received in the office of the company by 4:15 p.m.,
the closing NAV of the day on which premium is received would be applicable.
In case premium by local cheque/ DD is received in the company after 4:15
p.m. closing NAV of the next business day shall be applicable. In case of
outstation cheque/DD, closing NAV of the day of realization will be
applicable.
The Net Asset Value (NAV) of the each of the Funds will be computed at the
end of the day (on daily basis). The NAV would be calculated on
appropriation basis or expropriation basis depending on whether the company
is purchasing or selling the assets in order to meet the day to day
transactions of Unit allocations and Unit redemptions. The resulting price
will be rounded to the nearest Rs 0.00001. NAV (Appropriation/Expropriation)
would be calculated as under:
Net Asset Value(Appropriation price) = Market/Fair value of the
fund's investments + Expenses incurred in the purchase of the assets + Value
of any current assets + Any accrued income net of fund management charge -
the value of any current liabilities less provisions / Number of existing
units at the valuation date (before any new units are allocated)
Net Asset Value(Expropriation price) = Market/Fair value of the
fund's investments - Expenses incurred in the sale of the assets + Value of
any current assets + Any accrued income net of fund management charge - the
value of any current liabilities less provisions/ Number of existing units
at the valuation date (before any units are redeemed)
Allocation to the Unit Fund:
The allocable amount as per the allocation rates given below will be
invested in the policy fund. In case of first premium, units will be
allocated depending on the price of the units using the closing NAV on the
day of cheque realization (in case of outstation cheque) or policy issue
whichever is later. In case of renewal premium, the units will be allocated
depending on the price of units using the closing NAV of the day of
collection of cash/ local cheque & day of realization of cheque in case of
outstation cheque. For group billing, the units will be allocated based on
NAV of the day on which premiums are accounted for under the policy.
Single premium: 97.5%
Regular Premium
| Percentage of premium allocated |
Premium
Term
8-9 |
Premium
Term
10-15 |
Premium
Term
16-21 |
| Year 1 |
90% |
80% |
75% |
| Year 2 |
95% |
90% |
90% |
| Year 3 |
95% |
90% |
90% |
| Year 4+ |
97% |
95% |
95% |
The Plan| Charges | Benefits |
Tax Benefits | Exclusion |
Statutory Warning
|
